• Sat. Jun 22nd, 2024

Under The Garb of Customer Protection, another UK Bank Thwarts Binance

Jul 15, 2021

There is definitely currently no room for Binance in the UK as one after the other UK banks are debarring their customers to engage with Binance. After Natwest and Barclays, now Santander Bank of the UK has turned its back on Binance under the garb of “customer protection”. None of Santander Bank’s customers would be allowed to send their funds into Binance by any means.

UK’s Santander Bank’s customers have been complaining about the social networks regarding the suspension of certain services. They are claiming that the bank has restricted their transfer of funds from the bank into Binance. The customers claimed that they were informed by the bank through email messages for suspension of transfers from Santander into Binance.

Reportedly, the bank informed the customers that no request for transferring funds into Binance will be entertained. The restriction will become applicable since the 8th of July, 2021, said the bank.

The bank commented that the decision has been taken because of the warning issued by Financial Conduct Authority. In order to ensure the safety of Santander Bank’s customers to prevent them from any potential fraud, the decision has been taken. Until there is clearance given to Binance from Financial Conduct Authority, all transactions aimed towards Binance will be suspended. None of the customers will be able to send funds through wire transfer or through debit or visa cards.

It was further noted in Santander Bank’s email that the customers’ security is the bank’s utmost priority. The bank cannot allow anyone to commit fraud upon its customers. In the meantime, the bank will keep an eye on the situation and will inform the customers accordingly.

One of the bank’s representatives stated that the number of crypto frauds has increased lately in the UK. In the given circumstances, it is in the interest of the customers to put in place a mechanism that can ensure their funds’ security.

Similar moves were earlier taken by two major banks of the UK including Natwest Bank and the Barclays Bank. Both of the banks also gave the reason for suspending transfers to Binance on the pretext of customers’ safety. However, the decision is temporary and suspension will be uplifted when Binance is able to settle the matter with Financial Conduct Authority.

It is becoming certain that space is tightening around Binance to do crypto business in the UK. Especially, when the Financial Conduct Authority has raised certain objections against Binance. While Binance hasn’t done anything to settle its dispute with the regulator. Instead, the issue in the UK is further providing an opportunity to regulators of other countries to institute similar actions against Binance.

Even in Thailand, a case of criminal proceedings has been filed against Binance.

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